The Ministry of Corporate Affairs (MCA) has granted its approval for the appointment of Hitesh Kumar Sethia as the Managing Director and Chief Executive Officer of Jio Financial Services for a three-year period, effective from November 15, 2023.
Key Highlights
- The MCA’s approval comes with a condition that Sethia must hold a valid Employment Visa throughout his tenure in India.
- The ministry’s nod is subject to the provisions of the Companies Act 2013 and does not cover security clearance requirements, for which the company and appointee are responsible.
- Jio Financial Services announced the MCA’s approval in a regulatory filing on April 24, 2024.
Financial Performance
In its latest quarterly results, Jio Financial Services reported a 5.8% year-on-year increase in consolidated net profit, reaching Rs 311 crore in the quarter ended March 2024 (Q4FY24), up from Rs 294 crore in the same quarter of FY23.
The company’s total income rose to Rs 418 crore in Q4FY24, compared to Rs 414 crore in Q4FY23. These were the first annual results for Jio Financial Services as a listed entity, as per Charanjit Attra, the company’s Chief Operating Officer.
For the full fiscal year FY24, the consolidated net profit surged to Rs 1,605 crore from Rs 31 crore in FY23, primarily driven by an increase in income and a higher share of net profit from associates, Attra explained. The total consolidated income grew to Rs 1,855 crore in FY24, up from Rs 44 crore in FY23.
Market Reaction
Jio Financial Services’ stock closed 2.17% lower at Rs 370 per share on the Bombay Stock Exchange (BSE) following the announcement of its financial results.
As the company continues its growth trajectory, the appointment of Hitesh Sethia as the new MD and CEO, subject to regulatory conditions, is expected to provide strategic leadership and guidance for its future endeavors.
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